GMX RESOURCES INC. Announces Special Meeting Of Shareholders To Approve Reverse Stock Split
GMXR is a resource play rich exploration and production Company. Oil shale resources are located in the Williston Basin, North Dakota & Montana targeting the Bakken Petroleum System and in the DJ Basin, Wyoming targeting the Niobrara Petroleum System; both plays are estimated 90% oil. Our natural gas resources are located in the East Texas Basin, in the Haynesville/Bossier gas shale and the Cotton Valley Sand Formation, where the majority of our acreage is contiguous, with infrastructure in place and substantially all held by production. The Company believes these oil and natural gas resource plays provide a substantial inventory of operated, high probability, repeatable, organic growth opportunities. The Company's multiple basin strategy provides flexibility to allocate capital to achieve the highest risk adjusted rate of return, with both oil and natural gas resources throughout our portfolio.
Please visit www.gmxresources.com for more information on the Company.
The GMX RESOURCES INC. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding (1) whether or not the reverse stock split is approved by our shareholders, (2) whether or not the Board in its discretion approves the implementation of the reverse stock split and the ratio of the reverse stock split, and (3) the effect the reverse stock split may have on the Company's stock price. Such statements are subject to a number of risks, including but not limited to (1) whether or not the reverse stock split is approved by our shareholders, (2) whether or not the Board in its discretion approves the implementation of the reverse stock split and the ratio of the reverse stock split, (3) the effect the reverse stock split may have on the Company's stock price, and (4) changes in economic, competitive, strategic, financing, regulatory or other factors that may affect the Company's business, many of which are beyond the control of the Company. Reference is made to the Company's reports filed with the Securities and Exchange Commission for a more detailed disclosure of the risks. For all these reasons, actual results or developments may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
CONTACT: Alan Van Horn Manager, Investor Relations 405.254.5839
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